62A.9A-105 - Control of electronic chattel paper. - Washington Statutes

Control of electronic chattel paper.

A secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:

     (1) A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in subsections (4), (5), and (6) of this section, unalterable;

     (2) The authoritative copy identifies the secured party as the assignee of the record or records;

     (3) The authoritative copy is communicated to and maintained by the secured party or its designated custodian;

     (4) Copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the participation of the secured party;

     (5) Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and

     (6) Any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.

[2001 c 32 § 18; 2000 c 250 § 9A-105.]

Notes: Effective date -- 2001 c 32: See note following RCW 62A.9A-102.